China’s Vice-premier He Lifeng will speak virtually at the Hong Kong Monetary Authority (HKMA)-hosted bankers’ summit taking place in the city this week, the highest-ranking official to headline the second confab of global financial heavyweights.
They will speak on a panel discussion moderated by Yue. A similar panel last year was conducted online as China had not yet relaxed its Covid-19 travel restrictions, which mostly stayed in place until early this year.
“It is useful for them to be in Hong Kong in person … when there are so many concerns about the Chinese economy,” Yue said in an interview with the Post last month. “People really want to hear about it from the horse’s mouth.”
China is facing multiple financial challenges, with foreign investors pulling capital from its onshore stock exchanges amid slumping equity prices, while the yuan has fallen to a 16-year low against the dollar.
How China can reassure nervous foreign investors before it’s too late
How China can reassure nervous foreign investors before it’s too late
The same statement about Hong Kong was mentioned in 2012 in the aftermath of the global financial crisis but omitted during the last financial conference in 2017.
This will mark the first time so many heavyweight mainland Chinese regulators have come to Hong Kong to meet global financiers. Xiao attended the summit last year, but only via pre-recorded speeches.
The event kicked off with a lavish banquet at Hong Kong’s Palace Museum on Monday evening.
The CEO of Japan’s Mitsubishi UFJ Financial Group (MUFG) Asia Pacific, Masakazu Osawa, is looking forward to meeting other top global bankers and financiers during the two-day summit.
“It will be a great opportunity for me to exchange ideas with the other participants so that we can better prepare our midterm business plan for Asia-Pacific starting next year,” Osawa said on Monday. MUFG, whose parent is the biggest Japanese financial group, has operations in 19 markets.
Beijing asks powerhouse planners why private investors are playing hard to get
Beijing asks powerhouse planners why private investors are playing hard to get
The golden opportunity for big bankers and asset managers to hear directly from mainland China’s top regulators in person comes as investment sentiment towards Chinese stocks is at the lowest level in recent years.